CLUTHA BUILDING SOCIETY.

Clutha Leader, Volume I, Issue 27, 14 January 1875, Page 5

CLUTHA BUILDING SOCIETY.

ANNUAL MEETING. The fifth annual meeting of the Clutha Property Investment and Building Society was he'd on the sth inst. " The president, Mr T. T. Kitcbie, occupied the chair. The secretary read a report, of which tbe following is the substance : — The statement of the Society's affairs shows that on the 3rd November when tbe old shares dating from the 2nd * eptember, 1870, apd shares issued on and alter 2nd April, 1872, had arrived at maturity, they were all tqual to and rated as original shares. These were then shown to be of the value of LlO 2s 5d • — h-ing 703 shares giving an aggregate of L 9114 18- lid. Re'f. rring to the period of tne second issue, viz , 2nd April, 1872. and comparing it with the present flourishing state of matters— the widely extended field of the Society's operations, &c. — the promoters of tbat change in the constitution of the Society had every reason to be satisfied with the change. - That circumstance was made apparent by the fact that on 3rd November last the society had 220 shares bearing interest at the rate of eight per cent, per annum on an annual income of L 440, besides, which there was at the same date a sum of L3qß2 10s lent to outside borrowers on mortgage, bearing interest annually to the ainouot of L 229, making the aggregate annual increase, L 669. Against that amount there remained to be charged bank interest payable upon the. overdraft, but that was again muHb more than provided for by the income accruing from additional investments made irom the usual subscriptions. The propects of the Society at the present time were as promising as they had been at any period since its formation The names of the retiring members of the committee— Messrs R. Grijjor, Jas. Young, Wm. Main, aud Dr Smith— were then read; after which Messrs' Wm. Hope, John Barty. and R. Cramond were elected in their stead, Mr R. Gii^or being reelec>ed. Mr Angus Ross was elected auditor for tbe ensuing year. The following statement of the Society's financial transactions for the year was read and submitted : —

Mr Dallas then moved, and Mr Hope seconded, that these statements as read be adopted The motion was put and carried unanimously. On the motion of Mr Hutchins, seconded by Mr Main, a vote of thanks was accorded to the president for the interest hitherto taken in the aff iirs of the Society. Tbe meeting then arljour»»d.

RECEIPTS. - £ 8. fi. To Balance Cash from 1873 .. .. 0 9 7 „ Subscriptious 1442 12 6 „ Repayments— .Mortgages withdrawn, and accounts from outside borrowers 895 2 5 „ National Bank New Zealand — lialaiu'e due by £Jove:nber, 1573, and at date 1136 8 2 „ Premium Account 38 0 0 „ Transfer do 018 0 „ Interest do 500 2 0 „ Fines do 9 10 2 £4023 3 4 EXPENDITURE. £ 8. d. By Inveftment per shareholders .. 1244 7 6 „ Outside Borrowers 2716 11 2 „ Insurances 214 0 „ Auditors' Fees .. 2 2 0 „ Solicitor, draughting new form of Mortgage 2 7 G „ Rent of Hall 3 12 6 „ Al embers of Committee .. ..' 10 5 Q „ Secretary.. 40 0 0 „ Petty Expenses 10 7 „ Balance— Cash in hand 0 3 7 £4023 3 4 The following was read and submitted as a statement of the profit and loss account for the year : — <-■»■ £ s. d By Premium Account 38 0 0 „ Transfer do 0 IS 0 „ Interest do 500 2 6 „ Fines do 9 10 2 £548 10 8 Dr - £ s. d. To Balance from 1873 „ . . „ 0 2 4 „ Auditors' Fees 2 2 0 „ Solicitor, draughting new form of .Mortgage 2 7 6 „ Petty expenses .. 10 7 „ Management .' 53 17 o „ Discounts allowed on prepayments 15 0 3 „ Profit — Qu 601 old shares, at 14s lOd .. 445 14 10 On 103 Class B shares, adjusting to par with old shares, at 5s sid 27 16 9 „ Balance 005 £548 10 8